Form Wv/bcs-1 - West Virginia Business Investment And Jobs Expansion Tax Credit Or Corporate Headquarters Relocation Credit Page 4
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304.
Airplanes
5.
Off-premise transportation equipment purchased or leased prior to February 1, 1986.
6.
Property primarily used outside this State.
7.
Property acquired incidental to the purchase of the stock or assets of the seller. This restriction can be waived
by the Tax Commissioner.
8. Natural resources in place purchased or leased after March 9, 1990 and not subject to a statutory transition
rule or prior to March 1, 1985, or pursuant to an option acquired prior to March 1, 1985 but exercised on or after
March 10, 1990.
9. Property purchased or leased after March 9, 1990, the cost of which cannot be quantified when such property
is placed in service.
10. Property not directly attributable to the qualified investment activity (e.g. recreational boat, vehicle for personal
use).
DATE PLACED IN SERVICE OR USE
Property is considered to be placed in service or use in the earlier of:
1. The taxable year in which, under the taxpayer’s depreciation practice, the period for depreciation for such
property begins; or
2. The taxable year in which the property is placed in a condition or state of readiness and availability for a
specifically assigned function.
REQUIRED RECORDS
For each item of qualified property, the taxpayer must maintain records to establish the following:
1. Its identity.
2. Its actual or reasonably determined cost.
3. The month and taxable year in which it was placed in service or use.
4. Its straight line depreciation.
5. The amount of credit taken.
6. The date it was disposed of or otherwise ceased to be qualified property.
Such records must be retained for a period of three years after the last year for which the credit is claimed.
COST OR OTHER BASIS
1. The cost of purchased property may not include the value of property given in trade or exchange for the property
purchased.
2. The cost of replacement property may not include any insurance proceeds received in compensation for
property damaged or destroyed by fire, flood, storm or other casualty or is stolen. With few exceptions,
investment in natural resources in place will not qualify for the credit.
3. To qualify as investment property, natural resources in place must be purchased only during specific time
periods or subject to a statutory transition rule, and must be capable of sustained production for a period of at
least ten years. The cost for purchased natural resources in place that meet this qualification is 100% of the
purchase price that is attributable to at least ten years of production, but not more than 20 years of production.
4. The cost of real property with a written primary lease term of ten or more years is 100% of the rent reserved
for the primary term of the lease, not to exceed 20 years.
5.
For leased natural resources in place which qualify, capable of ten or more years of sustained production, the
cost is 100% of the rent reserved for the primary term of the lease, not to exceed twenty years, or royalties paid
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Parent category: Financial